Randgold profit ticks up despite fall in gold

AlexMacDonald

LONDON--West African gold miner Randgold Resources Ltd. (RRS.LN) reported Thursday slightly higher net profit in the second quarter as it produced a record amount of gold and continued to invest in exploration despite the low gold price.

The FTSE-100 miner reported a 1.1% rise in net profit to $53.6 million in the second quarter compared with the same period a year before, beating analysts' expectations of $51 million based on Dow Jones-Factset poll of four analysts.

Net profit rose in part due to lower taxes and a higher share of profits from equity joint ventures as a result of higher production and lower costs at its Kibali mine in the Congo.

This helped more than offset a 15% on year drop in revenue to $248 million in the second quarter as gold sales remained broadly flat at 354,776 troy ounces and the average achieved gold price sale fell 7.8% during the period.

Randgold said gold output rose 7.3% on year to 300,039 troy ounces in the second quarter compared with the same period a year before, beating analysts' expectations of 292,667oz.

The company had no debt as of the end of June and had cash of $109.2 million.

Intraday Data provided by SIX Financial Information and subject to terms of use.
Historical and current end-of-day data provided by SIX Financial Information. Intraday data
delayed per exchange requirements. S&P/Dow Jones Indices (SM) from Dow Jones & Company, Inc.
All quotes are in local exchange time. Real time last sale data provided by NASDAQ. More
information on NASDAQ traded symbols and their current financial status. Intraday
data delayed 15 minutes for Nasdaq, and 20 minutes for other exchanges. S&P/Dow Jones Indices (SM)
from Dow Jones & Company, Inc. SEHK intraday data is provided by SIX Financial Information and is
at least 60-minutes delayed. All quotes are in local exchange time.